Guideline Value for MADAVEETHI CROSS STREET

Madaveethi Cross Street guideline value

The current guideline value of Madaveethi Cross Street is Rs 2,200 per sq.ft. It is located in Pallikaranai village under the Chennai South Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Madaveethi Cross Street has changed

The guideline value for Madaveethi Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then rose again to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value is Rs 1,650 per sq.ft, making the 2024 guideline value for Madaveethi Cross Street above that median.

• Mada Veethi: Rs 2,200 per sq.ft (2024)
• Madhavar Street: Rs 1,320 per sq.ft (2024)
• Madipakkam Road: Rs 3,300 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar /All Street /Main Roads /Cross Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madaveethi Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Madaveethi Cross Street?

The Sub Registrar Office that covers Madaveethi Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Pallikaranai

When buying or selling property in Pallikaranai, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is set by the Registration Department and is used as a benchmark for property transactions.

At the time of registration, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives a fair amount of revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Madaveethi Cross Street?

The current guideline value of Madaveethi Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Madaveethi Cross Street?

Madaveethi Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Madaveethi Cross Street?

The Sub Registrar Office for Madaveethi Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Pallikaranai?

Stamp duty for properties in Pallikaranai is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.